ADAM TOOZE

That moment when you need to take elementary lessons in the functioning of democratic politics from Richard Nixon …. twitter.com/BeschlossDC/st…

@Schuldensuehner @welt Hi @Schuldensuehner have you had the talk about a society ruled by TWO parties in an age of disorder etc … ?

RT @RobinBrooksIIF: Our @IIF EM central bank summit is next week. I'm interviewing Deputy Governor Dr. Oğuzhan Özbaş from Turkey's central…

Since the 1970s depth of cuts to top tax rate and change in top 1 percent income share are closely associated though cause and effect unclear. @lucas_chancel & Paris school take over the @PIIE piie.com/microsites/how… https://t.co/ZtobzPc8Sv

RT @DuncanWeldon: @moyeenislam @SamuelMarcLowe The fascinating thing (to me) about Napoleonic economic warfare… is that it’s a reverse bl…

“Virtual meeting of doom”. Whilst the US wrestles with the Trump-Biden transition, this headline from the EU is worth pondering .politico.eu/article/eu-lea… In this @ForeignPolicy I take a swing at narrating a bad November on both sides of the Atlantic. foreignpolicy.com/2020/11/21/fed… https://t.co/hj6uqerQ3z

According to projections by @FitchRatings governments with a junk rating—bb+ or worse—may soon outnumber those classed as investment-grade. economist.com/finance-and-ec… https://t.co/s8fQhzkzlt

Generation debt: In 1989 20 % of Americans younger than 35 owed student debt. In 2019 the share has risen to 40%. For those 35-44 the share is 33%. Hence ferocity of debate about student debt cancellation. bloomberg.com/news/articles/… https://t.co/vvS1sHbEcE

"Eight poor countries spend over 30% of their fiscal revenues on interest payments, reckons Fitch, a rating agency, more than in the early 2000s when Bono and other debt-relief campaigners were at their clamorous best." economist.com/finance-and-ec… https://t.co/eYdNVijcdQ

In July Europe reveled in idea that recovery package opened new era v. US descending into chaos. Come Nov US econ policy is caught up in transition battle & EU budget is deadlocked by Poland and Hungary -> CB in frontline again! New in @ForeignPolicy foreignpolicy.com/2020/11/21/fed… https://t.co/OdMk10rJcf

How many sherpas does it take to sustain an expedition to Everest? Fascinating update of the classic march to Moscow graph! bloomberg.com/graphics/2020-… https://t.co/JBbPEZF5Z8

@samhaselby You mean rather than balancing as Biden is doing here. Did I get you right?

Failure to launch: Share of U.S. 25-to-34-year-olds living with their parents has surged from 10 % in 2003 to 16.8% in 2019. bloomberg.com/news/articles/… https://t.co/JsdYIR5XD1

Biden said he had decided o Treasury nominee but wouldn’t say who. Told reporters his choice “is someone who I think will be accepted by all elements of Democratic Party, from the progressive to moderate coalitions.” Did Obama or Clinton talk this way? bloomberg.com https://t.co/1jLR9n4psG

November 2020 the moment where we had both the Fed and the ECB PLEADING for fiscal action from deadlocked political processes in Congress and in EU. A new piece in @ForeignPolicy foreignpolicy.com/2020/11/21/fed… https://t.co/CICd24jiw5

In recent years sherpas have outnumbered climbers above Base Camp on Everest. This is fascinating on the economy of Everest. bloomberg.com/graphics/2020-… https://t.co/KsB95wuAvs

This week we saw both the Fed & the ECB calling for more fiscal action, US Treasury moving to “reallocate" Fed stimulus money amidst a disputed transition & standoff with Poland and Hungary in Europe. I did a piece on the imbroglio in @ForeignPolicy foreignpolicy.com/2020/11/21/fed… https://t.co/PmBhyjfSro

RT @OSaumarezSmith: Century Street, Hanley, Stoke-on-Trent, c. 1905, with an ominous skyline of belching bottle kilns. https://t.co/LviWb36…

RT @ForeignPolicy: Across the West, basic questions of a constitutional variety are being posed right now—and not just about politics, expl…

RT @Compare_SMSF: Highly recommended weekend listening! Our favourite guest ⁦@adam_tooze⁩ on our favourite podcast ⁦⁦@TPpodcast_⁩ with ⁦@H…

@DominikLeusder @zeithistoriker @HelenHet20 I was just talking to @M_C_Klein about this same issue. The way I would put it is that we have learned the liberating lesson that we can afford anything we can do. The problem, however, is the doing.

RT @DavidBeckworth: Since it is getting a lot of attention now, I am reupping our show with @ericlonners and @economistmeg on CB using dual…

The global impact of major infectious diseases pre Covid: disability-adjusted life years (DALYs), years of life lost (YLLs), years lost due to disability (YLDs), and the economic impact of those diseases nber.org/system/files/w… https://t.co/329qPfKKbT

RT @zeithistoriker: .@adam_tooze on @TPpodcast_ : “we can now talk about a vaccine interest rate”

China and America’s recoveries are strikingly different: led by consumption in the US with industrial production lagging, the reverse in China. Reinforcing imbalances that @M_C_Klein @michaelxpettis have highlighted. barrons.com/articles/5-cha… https://t.co/5A4CAt9CFv

Over the course of the last two decades, China’s imports of chips surged to c. $300 bn. @gavekal via @SoberLook https://t.co/1lwCOlKKJd

US consumption is the largest single source of demand not just in US but in entire world economy. It rebounded strongly in summer but was basically flat in October. @M_C_Klein barrons.com/articles/5-cha… https://t.co/DlrF8hhof9

Neil Bradley, chief policy officer US Chamber of Commerce criticised Mnuchin’s “surprise termination” of Fed programs. “prematurely & unnecessarily tie hands of incoming administration, closes door on important liquidity options for businesses” ft.com/content/e4b3a0… https://t.co/zSBRqCm8Te

As international capital flows shifted from banks to bond-based model in wake of 1980s crises, the number of restructurings has fallen sharply. @RobinWigg ft.com/content/35c58b… https://t.co/IhXP0DATew

China’s stimulus in 2020 and 2009 are quite similar in scale but GDP has more than doubled -> proportional impact is far less. Also far less heavily focused on construction ncbi.nlm.nih.gov/pmc/articles/P… https://t.co/W84ZLep7wC

14 million American households have little or no confidence that they will be able to make next month’s rent. bloomberg.com/news/articles/… https://t.co/0sKAFbokgn

The pressure on EM/Low-income/Frontier borrowers is not as intense as it was in March, but it remains severely elevated. @RobinWigg ft.com/content/35c58b… https://t.co/XUkpJp2yvy

The Return of Nature: Socialism and Ecology, by John Bellamy Foster, published May 2020 begins with the deaths of Darwin (1882) and Marx (1883) and moves on until the rise of the ecological age in the 1960s and 1970s. H/t @alex_callinicos monthlyreview.org/product/the-re… https://t.co/HLSNMJbV0V

Zambia’s 2024 bonds: At the height of the copper boom and QE-driven yield-chasing in frontier markets they traded at a premium. No longer! ft.com/content/35c58b… https://t.co/PZdshsspFR

Favorability rating of the EU in eyes of Brits has reached a 15-year high! @pewresearch via @SoberLook https://t.co/oEybVAyfFj

Fossil fuels meet roughly 80% of world’s primary energy demand, but are responsible for only 60% of its useful energy -> 20% of world’s primary energy demand today is met by non-fossil sources, responsible for 40% of the world’s useful energy. @AkshatRathi bloomberg.com/news/articles/… https://t.co/gwpfVtYryi